Kazakhstan repeats accusation against Agip KCO.

By bne IntelliNews November 24, 2010
Kazakhstan repeated accusation against Agip KCO, subsidiary of Italian Eni. The spokesman of the Kazakh agency for fighting corruption and economic crime, Murat Zhumanbai said that the fraud investigation is continuing and further decision will be taken after the probe is completed. He also added that the Kazakh police will cut the same amount of USD 113mn form compensation payments to AGIP KCO related to future oil production. Eni did not comment on the issue so far. To remind you, Kazakhstan accused Eni last week of USD 113mn overcharges associated with Kashagan oil project. AGIP KCO was initially the only operator of Kashagan. However, it was forced to cede its role due to cost over-runs. Since 2009, the North Caspian Operating Company became the operator of Kashagan on behalf of the consortium. To remind you, Kashagan is the largest Kazakh oil and gas field. It is planned to start production at the field in 2012-2013.

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